In 1887, the famous Swedish physicist, Arrhenius, proposed his theory of ionization, which posits that similar to molecules and atoms, ions are also a fundamental particle in the formation of substances. IONChain is so named because the IONChain will act as the underlying link between all the IoT devices to support the decentralized P2P communications among all the devices ,much like the ion is an integral element of the atom, and without it the atom would not be what it is. Making IoT devices able to exchange value between each other automatically with the use of smart contracts is going to create innumerable application scenarios for the whole industry, pushing it into a new era.
IoT network is the key component of a new generation of Information Technology and it is also the indispensable stage of development in the Information Era. IoT stands for Internet of Things, and it means that when we reach this stage of Internet development, smart devices we use will be connected with each other. IoT network is applied widely in the integration of network through IntelliSense, Identification technology, Pervasive computing and other perceptive telecommunication technologies. Therefore, IoT is also named as the 3rd wave of global information technology after computers and Internet. IoT is vastly expanding the range of possible Internet applications. Therefore, we can say that application innovation is the core, and user experience is the soul of IoT development.
According to the statistics of IDC, and international data company based in USA, in 2015 the overall investment in global IoT market was 736.9 Billion dollars and it is predicted that this number will increase up to 1289.9 Billion dollars by 2020. This means that the average annual growth rate of the industry is 15.02%. The number of IoT devices carrying IoT software and transmitting data have reached 14.866 billion in 2015, and it is predicted to grow up to 30 billion by 2020.
Ionchain will add positive value to IOT in the following ways
IMPROVEMENT OF IONCHAIN IN SMART DEVICES FUNCTIONALITY
Improvement in the sense that Ionchain is a body that will unify smart device technology and enable them to truly become a part of our everyday lives.
IONChain meets the architecture requirements of the Edge computing technology perfectly and
can make full use of the computing power of the network nodes themselves. These nodes will meet the nearby connecting requirements for computation and storage of IoT devices. This will lead to increases in the time efficiency of the IoT perception-computing-response process. There are a large number of application scenarios which require low feedback latency within the IoT network. The edge computing solution could be the creative platform for these scenarios These fields will have a negligible effect on cloud computing. Dependent on the features of edge computing, IONChain introduces the concept that “every device is a mining machine”, which means that each of the IoT devices connected to IONChain will be able to mine and receive remuneration through the „Ionization algorithim”. The system will accurately calculate the precise rewards from the functions.
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